10/23/2009

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Reva Electric Car Company of Bangalore, India, will announce this afternoon that it will build an electric car factory in the Syracuse, New York, area, according to the Associated Press (AP). The company will work with Barron Automotive, a Freeport, New York, company, to assemble three-door plug-in hatchback called the NXR, and will open the plant next year with an initial work force of 100 employees, with the hiring of up to 250 workers planned, according to the New York governor's office. The New York Times reports that the companies will invest US$26.5 million, with the state AP reports that the state is providing an $11.6 million incentive package that includes grants and tax incentives; Senator Charles Schumer (D-N.Y.) is said to be helping Bannon obtain $52 million in federal loans and loan guarantees. More details are expected at a press conference later today.